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The thermodynamics of portfolios


  • E. W. Piotrowski
  • J. Sladkowski


We propose a new method of valuation of portfolios and their respective investing strategies. To this end we define a canonical ensemble of portfolios that allows to use the formalism thermodynamics.

Suggested Citation

  • E. W. Piotrowski & J. Sladkowski, 2000. "The thermodynamics of portfolios," Papers cond-mat/0011280,
  • Handle: RePEc:arx:papers:cond-mat/0011280

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    Cited by:

    1. Piotrowski, Edward W & Sładkowski, Jan, 2004. "Arbitrage risk induced by transaction costs," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 331(1), pages 233-239.
    2. Edward Piotrowski & Jan Sładkowski, 2004. "Quantum games in finance," Quantitative Finance, Taylor & Francis Journals, vol. 4(6), pages 61-67.
    3. Szczypińska, Anna & Piotrowski, Edward W., 2009. "Inconsistency of the judgment matrix in the AHP method and the decision maker’s knowledge," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 388(6), pages 907-915.
    4. Piotrowski, Edward W. & Sładkowski, Jan, 2005. "Quantum diffusion of prices and profits," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 345(1), pages 185-195.
    5. Edward W. Piotrowski, "undated". "Problems with the Astumian's Paradox (in Polish)," Departmental Working Papers 121pl, University of Bialtystok, Department of Theoretical Physics.
    6. Josip Stepanic, 2004. "Social Equivalent of Free Energy," Interdisciplinary Description of Complex Systems - scientific journal, Croatian Interdisciplinary Society Provider Homepage:, vol. 2(1), pages 53-60.
    7. Edward W. Piotrowski & Jan Sladkowski, "undated". "The Merchandising Mathematician Model. Stochastic Demand and Supply," Departmental Working Papers 1, University of Bialtystok, Department of Theoretical Physics.
    8. Edward W. Piotrowski & Jan Sladkowski, "undated". "An Invitation to Quantum Game Theory," Departmental Working Papers 15, University of Bialtystok, Department of Theoretical Physics.

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